HOW DO YOU VALUE A TRUCK AND INVENTORY AT THE TIME OF THE CLAIM?
One of the most often asked questions is how does an insurance company value a tool truck and inventory at claim time?
Tool trucks are a depreciating asset and are valued at actual cash value or market value. The difficulty lies in establishing a market value on a specialized, commercial vehicle. Inventory, if new, can be valued at replacement value. Used inventory taken in on trade and tools owned by your customers in your possession are depreciated by the insurance companies. Some insurance companies will not cover used tools.
We have spoken to many tool distributors that were insured with other companies and were not treated fairly on a claim. The most common problem is a tool truck being undervalued. The other problem is how to submit a listing of lost or damaged inventory. Don’t think an insurance company knows how to accurately value a tool truck or inventory. We will advise you at claim time on how to properly value your truck and inventory to assure a fair claim settlement. See the option How to Settle A Claim to get your claim paid quickly and fair.